ITV has clinched a new three-year deal with Simon Cowell to keep broadcasting the X Factor and Britain's Got Talent, two of the most popular shows on the channel, until 2016.

The broadcaster is understood to have paid Cowell's Syco Entertainment and co-producer FremantleMedia UK between £140m and £150m for the rights.

The news has helped ITV shares recover some of the ground lost earlier this week after the terrestrial TV provider missed out on securing any Champions League rights for the 2015-2018 cycle, which were awarded exclusively to BT Group for nearly £1bn.

Britain’s Got Talent will return to ITV next spring for its eight series, with the eleventh season of the X Factor following in the Autumn. ITV2 will also continue to broadcast sister shows The Xtra Factor and Britain’s Got More Talent, said a spokesman for the company.

“Britain's Got Talent and The X Factor are two of the most popular and most talked about shows on TV. They set the gold standard for entertainment production. We’re pleased to announce this deal which will see them continue to be an important part of ITV's schedule,” said Peter Fincham, ITV's director of television.